According to I.Spivak, analyst at DailyFX, “prices took out support at 1.2830… after completing a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011. Sellers are now testing the 1.27 figure, with a break below that aiming to challenge the 38.2% Fib. at 1.2619. The 1.2826 level has been recast as resistance, with a push back above that exposing trend line suppor-turned-resistance at 1.2930. We continue to hold short”.
As of writing, the cross is advancing 0.20% at 1.2729
Next resistance levels are located at 1.2778 (MA10d) followed by 1.2791 (high Nov.9) then 1.2800 (psychological level) and 1.2815 (MA200d).
On the downside, the first support awaits at 1.2700 (low Nov.14) ahead of 1.2661 (low Nov.13) then 1.2627 (low Sep.7) and 1.2607 (50% of 1.2042-1.3173).